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BEIJING : The Beijing Olympics may be over, but the exodus of thousands of delegates and visitors has not left hotels in Beijing high and dry.
Beijing's starred-hotels enjoyed increased revenues during the Olympics, with room rates jumping as much as 546 per cent, according to a report by auditing firm Deloitte.
Following the Olympics boom, some fear that the industry may cool down, amidst an Asian economic slowdown following a credit crunch in the US. But the competition in the hospitality industry is showing no such signs as the capital continues to see new arrivals.
The iconic CCTV tower promises to be a star-studded meeting point with the completion of its Television Cultural Centre.
There will be a 2,000-seat performance theatre for televised events, digital cinemas and recording studios. Music and award shows as well as movie premieres will become a regular feature, come 2009.
The congregation of the rich and famous will make up a unique clientele for Mandarin Oriental Beijing, which entered a partnership with CCTV to manage its hotel.
"China, in particular Beijing, depends on the US market. So obviously, we'll need to keep a close eye on that. But by the time we open, I think the economy will be on a recovery mode, (and) in the US, hopefully after the elections," said Pierre J Barthes, GM of Mandarin Oriental Beijing.
Hoteliers said that the success of the Olympic Games has strengthened the China brand, which will become a unique label for them to attract business persons, corporate delegates and affluent independent travellers in the long haul.
Singapore-based Frasers Hospitality opened its latest service apartment during the Olympics to do just that.
"I don't see the Beijing Olympics as an impetus for business. It's more as a demonstration of the level of capability of what China can do, rather than a jump-start to a business environment," said Choe Peng Sum, CEO of Frasers Hospitality. - CNA /ls
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